With no shortage of improvements needed in its field, the Governmental Accounting Standards Board has taken on an array of complex projects that should result in a series of important documents over the next six months."This is proving to be a rather ambitious agenda, and it's quite a busy time here at the GASB," said Chairman Robert H. Attmore. "We are cranking out documents and expect to have a busy period from now through the middle of 2007."
Ultimately, the most important project on GASB's workbench is its conceptual framework, a long-term effort to establish the philosophical underpinnings of governmental accounting. An exposure draft issued in August proposed definitions of seven fundamental elements of financial reports. The board is taking an approach that defines each element by its inherent characteristics, rather than deriving definitions from a primary element. The comment period ends on Nov. 17, 2006.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access